EnviroLeach Enters into Agreement with Group 11 for the In-Situ Recovery of Gold
September 01, 2020 at 10:45 AM EDT
VANCOUVER, BC / ACCESSWIRE / September 1, 2020 / EnviroLeach Technologies Inc. (the "Company "or "EnviroLeach"), (CSE:ETI) (OTCQB:EVLLF) (7N2:FSE) is pleased to announce a license agreement and partnership with Group 11 Technologies Inc. ("Group 11"), for the refinement and application of in-situ gold mining technologies incorporating EnviroLeach's water-based solution.
In exchange for an initial 40% ownership position in Group 11, EnviroLeach has granted Group 11 a license to use EnviroLeach's metal extraction technology. EnviroLeach will also receive royalty payments on any metal produced in accordance with the license agreement. Further, Group 11 will pay EnviroLeach for technical and other support services relating to the use of the Company's metal recovery technology.
About Group 11 Technologies Inc.
Effective August 28, 2020, Group 11 finalized all necessary Organizational, Shareholder, and Licensing documentation with its founding partners to commence formal operations. Group 11's initial steps will include the acquisition and subsequent testing of already identified gold projects that demonstrate specific qualities lending themselves to Group 11's environmentally superior processes. Group 11 is committed to providing commercially viable, sustainable alternatives to conventional mining for the extraction and processing of precious metals.
Group 11 was founded and is owned by enCore Energy Corp. ("enCore") (TSXV:EU; OTCQB:ENCUF) with 40% of the common stock, EnviroLeach with 40% of the common stock and Golden Predator Mining Corp. ("Golden Predator") (TSXV: GPY; OTCQB: NTGSF) with 20% of the common stock. enCore has contributed $750,000 in initial funding and will provide in-situ extraction expertise; EnviroLeach has contributed a license for Group 11 to use its environmentally friendly metal recovery process and will provide chemical and metallurgical expertise; and Golden Predator will contribute mobile processing equipment and expertise in utilizing EnviroLeach's environmentally friendly solution for recovery of gold from sulphide concentrates. Group 11, a private company, will finance all ongoing research and development expenditures for in-situ and secondary recovery applications.
Duane Nelson, President, and CEO of EnviroLeach commented: "We are very excited to be a part of this important and disruptive new mining initiative. The in-situ recovery of gold using the EnviroLeach/Group 11 combined processes, has the potential to change how the world mines gold. This technology provides a relatively non-invasive, low CAPEX/OPEX alternative to conventional gold mining. This has the potential to unlock the value of thousands of smaller gold deposits, and those in sensitive environments. The combined talented teams of scientists, metallurgists, and executives all have the necessary experience, expertise, and resources to drive this forward. We anticipate the significant ownership of Group 11 and the resulting royalties will help drive value to our company."
About EnviroLeach Technologies Inc.
EnviroLeach Technologies is engaged in the development and commercialization of environmentally-friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-Waste using only FDA approved additives and ambient temperature water.
Backed by the momentum of a first-class staff of scientists and engineers, tens of thousands individual assays, independent validations, strategic partners and over $20 million in research and development, EnviroLeach's technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors. Further information is available on the EnviroLeach web site:https://EnviroLeach.com
This News Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and the United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our Research and Development activities, the accuracy of our capital and operating cost estimates; production and processing estimates; the results, the adequacy of EnviroLeach's financial resources and timing of development of ongoing research and development projects, costs and timing of future revenues or profits and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning future revenue or earnings estimates may also be deemed to constitute forward-looking information. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information. Forward-looking information is based on the expectations and opinions of EnviroLeach's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information. The CSE has not approved or disapproved of the information contained herein.
SOURCE: EnviroLeach Technologies Inc.
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